ZANACO hails carbon credits as game charger in unlocking climate change financing in Zambia

ZANACO, a local financial institution, says Carbon Credits will be a game changer in unlocking climate change financing in Zambia.

Bank Chief Commercial Officer, Chali Mwefyeni, said the private sector, farmers and other stakeholders should take advantage of the opportunity Carbon Credits were offering.

Mwefyeni said this during the closure of the two days ZANACO Climate Finance Symposium in Chongwe on Wednesday.

He highlighted that statistics from the World Bank, global Carbon pricing revenue in 2021 increased by almost 60 percent from 2020 level to around $84billion.

“This provided an important source of funds to help support a sustainable economic recovery, finance broader fiscal reforms or invest in communities as part of the Carbon transition future,” Mwefyeni said

Additionally, Mwefyeni stated that global revenues from the sale of Carbon permits in emissions trading system grew to a record $74 billion last year.

He said this was at the back of governments increasingly turning to such schemes to help tackle global warming.

“The US$74 billion raised from permit auctions in 2023 was up from $64 billion in 2022,” Mwefyeni highlighted.

He also called for close collaborations with the private sector in the advancement of sustainable, innovative green projects.

Mwefyeni said the private sector organizations should seize the opportunity and partner with ZANACO in advancing sustainability through innovative green projects.

“Together, we can make a meaningful impact on climate change and create a more resilient and sustainable future for generations to come,” he noted.

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